For years, they were the subject of mockery in the football world.
Dominating a league often dismissed as weak (“farmer`s league”), they resembled a flashy circus with big-name performers but little real substance or widespread acclaim.
And they were considered complete failures in the Champions League.
However, having already eliminated Liverpool and Aston Villa, Luis Enrique and his revitalized PSG squad are now focused on Arsenal.
Mikel Arteta and his team understand this might be their most challenging match en route to Munich.
Yet, few would have predicted this at the season`s beginning. Even fewer after PSG suffered a heavy defeat against Arsenal at The Emirates during the league stage.
In fact, PSG`s history under Qatari ownership has often been characterized more by mistakes and setbacks than by consistent success.
Now, however, they appear close to finally achieving the ultimate European goal, potentially realizing the long-held ambitions of club President Nasser al-Khelaifi.
Insiders reveal how the dominant force in French football has changed. They explain how what seemed like a major crisis instead became the foundation for a revival and possible future triumphs.
2011 – The Beginning
In 2011, PSG wasn`t even ranked among the top ten French clubs historically.
They had only won Ligue 1 twice, with their last title 17 years prior.
The club was owned by a US investment company and had narrowly avoided relegation to Ligue 2 twice in recent seasons.
Hooliganism also remained a significant issue. The year before the takeover, a Marseille supporter, Yann Lorence, died after being attacked by two PSG fans, one of whom was later sentenced to five years in prison.
Therefore, Qatari Sports Investment`s initial acquisition of 70% of the club`s shares for £60m was quite unexpected. This occurred amidst questions regarding the relationship between the French and Qatari governments, especially following the controversial vote for Qatar to host the 2022 World Cup.
A new prominent figure took charge: Nasser al-Khelaifi, a former top 100 tennis player who would become one of global football`s most influential personalities.
According to insiders, PSG was a club near relegation, far from European competition. “Fans were actually killed at the stadium – the ultras killed a fan. They were banned for life, causing a terrible national crisis,” one source recalled.
“On the pitch, they were completely unsuccessful and economically irrelevant. People forget this was just over a decade ago.”
2011-2016 – The “Bling Bling” Phase
Immediate success wasn`t guaranteed. Even with Carlo Ancelotti appointed before Christmas, PSG didn`t win the French title, ending up three points behind Montpellier.
This wasn`t sufficient, leading to significant spending in the summer of 2012.
That season brought the arrivals of Zlatan Ibrahimovic, joined by David Beckham in January, along with South American talents like Ezequiel Lavezzi, Thiago Silva, Lucas Moura, and others.
This was a conscious strategy. A source close to the club explained: “You have to experience the `bling bling` phase.
“Similar to launching a product, you must overspend initially, exceeding market value, to gain market share.
“If you`re introducing a new brand, say sofas or TVs, competing with someone like Samsung, you need to saturate the market, bringing in influential names and brands to highlight your superiority.
“Consequently, you overpay players and lose money initially, viewing it as an investment for long-term profitability.
“That was PSG`s path, the cycle they followed. It explains why they signed players like Beckham, Zlatan and others.
“Then, gradually, the focus shifts towards financial stability and a more balanced business model.
“Every club aiming for top status, like Barcelona, Real Madrid, Manchester United, Chelsea, and City, has gone through similar stages.
“They all employed this business model; it`s necessary to climb from obscurity to prominence.”
They began winning titles, even after Ancelotti departed for Real Madrid and was replaced by Laurent Blanc.
However, off-field issues also emerged.
A knowledgeable source recalled: “The club catered to the players and let them dictate terms.
“Signing Beckham exemplified this. The perception was they needed to acquire the biggest names to somehow make history.”
2016-2023 – The Hollywood Era
Winning four Ligue 1 titles in a row, three under Blanc, might seem like success. But PSG was merely a giant in a minor league. The true prize was the Champions League.
Their ambition to reach the European elite was evident in the managers they hired.
Appointing Unai Emery, Thomas Tuchel, and then Mauricio Pochettino indicated that Ligue 1 dominance was a given; the focus was on conquering Europe.
However, this also meant dominating the transfer market.
And this is where problems started.
Starting in 2017 with Neymar`s arrival from Barcelona, quickly followed by Kylian Mbappe – a combined cost of £367m – the influx of star players seemed endless.
Undoubtedly the most significant signing was Lionel Messi in 2021, brought in when financially struggling Barcelona couldn`t afford to retain him.
Sources within the club maintain there are no regrets: “Everyone focused on Messi. He was a free transfer and generated revenue for the club.
“On the pitch, it`s easy to label it a failure when you don`t win the Champions League. But his statistics were actually excellent.
“However, that `bling bling` phase lasted excessively long.”
Despite their qualifications, one manager after another found their authority undermined internally.
A close advisor to one former manager agreed: “There`s nothing inherently wrong with spending on players. Signing Messi, in fact, was like printing money through shirt sales.
“But for too long, the focus was solely on big names – they became a French `FC Hollywood`.
“They weren`t signing players who fit the team`s needs, but rather those with commercial appeal. PSG was opening stores globally and required major stars to boost shirt sales.
“When you had Neymar, Mbappe, and Messi together, it meant only seven players were willing to put in the work for the rest of the squad.
“And each time, the manager was left to deal with the consequences.”
It wasn`t limited to just those three. In 2021, after another Champions League failure, losing to Manchester City in the semi-finals, PSG signed veteran defender Sergio Ramos – despite his history of personal issues with Messi over a decade.
Furthermore, the hierarchy`s decision to sign Italian goalkeeper Gianluigi Donnarumma, displacing the well-liked Keylor Navas, caused unrest in the dressing room.
By 2023, they had won eight out of the last ten Ligue 1 titles and numerous domestic cups. But the Champions League trophy remained elusive.
2023 Onwards – New Model, New Horizons
Sometimes, a difficult situation is necessary to force needed changes.
PSG`s moment of realization came when Mbappe confirmed his intention to let his contract expire and join Real Madrid for free.
Listening to al-Khelaifi now, he suggests it was part of a plan: “The five-year plan was a mistake, I admit that openly. But we learn from our errors.
“The new superstar at Paris Saint-Germain is the team itself, although we still have many star players.
“What`s different today is a strong collective spirit on the field and a solid, supportive structure off it.
“We now consider the short, medium, and long term, not just reacting impulsively or emotionally to immediate circumstances.”
Perhaps, however, it was out of necessity. The senior figure added: “A boundary was set when Messi took a trip to Saudi Arabia with his wife instead of training. He received a two-game ban.
“That was a significant moment, a strong statement.
“Then Mbappe was benched, illustrating that the club is more important than any single player.
“Currently, we have the youngest squad among the Champions League quarter-finalists and the third youngest overall in the competition.
“The new £300m training center is part of an effort to nurture French talent. It`s about building, not just buying, talent. This represents the club`s future direction, and hopefully, it will be successful.”
He conceded there was a “slight dip in form” during the autumn.
Ousmane Dembele was left out of the squad for the league stage match against Arsenal after Luis Enrique stated he “did not meet the team`s requirements.”
A 2-0 defeat where the French champions offered little threat was followed by losses to Atletico Madrid and Bayern Munich. PSG faced potential early elimination, particularly when they were 2-0 down at home to Manchester City 53 minutes into their second-to-last group match.
However, scoring four goals in 37 minutes, led by an outstanding Dembele, completely changed the situation, eliminating the need for a panicked January transfer spree.
The former Barcelona player`s reaction to being publicly disciplined was reportedly remarkable, including a significant scoring run.
It`s also clear that the changes are genuine, although acquiring Georgian winger Khvicha Kvaratskhelia from Napoli for £70m was certainly not inexpensive.
Players like Dembele, Willian Pacho, Bradley Barcola, Desire Doue, and Warren Zaire-Emery represent the new look of PSG.
The managerial aide confirmed: “What they are doing now is what they promised previous managers they would do – but never actually did!”
“Now the club is building a young, motivated team.”
And this time, this team might truly be capable of winning the ultimate prize. Though Arteta and his Arsenal squad will undoubtedly disagree.
